A bushing seal and a tilt pad bearing are often used together. One such conventional combination comprises a bushing seal and a tilt pad bearing positioned about a rotating shaft, with the bushing seal being axially spaced from the tilt pad bearing. The bushing seal has an inner cylindrical surface which provides an annular seal for the external surface of the shaft against a differential fluid pressure existing in a direction parallel to the shaft axis. The tilt pad bearing comprises an array of tilting pad shoes which are mounted at spaced apart locations around the inside surface of a carrier ring positioned axially adjacent to the bushing seal. The bushing seal can be a fixed bushing seal or a floating bushing seal. A hydrodynamic fluid film, generated between the tilt pads and the rotating shaft, imparts direct stiffness and damping to the shaft system. As there are substantial gaps between adjacent tilt pads in a circumferential direction, the fluid pressure is the same at both axial ends of the tilt pad bearing. Although these tilt pads do not provide any sealing against differential fluid pressure, these tilt pads do provide a rotor dynamic benefit, particularly by improving rotor stability. However, such arrangement of the tilt pad bearing and the bushing seal requires significant axial space because the bushing seal requires a certain axial extent and the tilt pad bearing adjacent thereto requires a certain additional axial extent. In general, this conventional combination requires the axial space normally occupied by two standard bushing seals. Such an arrangement also renders maintenance and replacement of the bushing seal and the tilt pads cumbersome. A need exists for a combination bushing seal and tilt pad bearing arrangement that requires less axial space, yet achieves the benefits of such a combination. In particular, a need exists for a combination bushing seal and tilt pad bearing arrangement which is compact enough to be installed as a replacement for a standard bushing seal in a unit which will accommodate only one standard bushing seal.